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Bitcoin: what have experts said about the cryptocurrency?

Bitcoin’s gyrations have attracted a lot of attention over the past year. Here are some of the most memorable comments from senior figures in world finance.

Yves Mersch

Yves Mersch, a member of the European Central Bank’s executive board, called for a global clampdown on virtual currencies because of their threat to financial stability on 8 February. Bitcoin transactions can easily take several hours to process, he noted in a speech in London.

At these speeds, if you bought a bunch of tulips with bitcoin they may well have wilted by the time the transaction was confirmed.”

Agustín Carstens

“If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability,” he said in a speech on 6 February.

The boss of America’s biggest bank said he would fire “in a second” anyone at the investment bank found to be trading in bitcoin. He later softened his stance, and revealed on 9 January that his daughter had bought two bitcoins.

Theresa May

Theresa May said at the World Economic Forum in Davos that she was concerned criminals were exploiting digital currencies, which can be used to anonymously transfer funds. “In areas like cryptocurrencies, like bitcoin, we should be looking at these very seriously,” May told Bloomberg.

Steven Mnuchin

The US treasury secretary also flagged up concerns about misuse of digital currencies. “My number one focus on cryptocurrencies, whether that be digital currencies or bitcoin or other things, is that we want to make sure that they’re not used for illicit activities,” Mnuchin told CNBC.